YAS Makes Insurance Downloadable and Loving Again Enabling Insurance Market Players to Grasp the HK$1 Trillion Lion’s Share

(Hong Kong – 12 October 2020) YAS Digital Limited (YDL), the Hong Kong-based regional insurtech venture, and the inventor of Hong Kong’s first microinsurance marketplace – YAS, announced today that the open API enabled YAS platform officially goes live – making insurance downloadable and loving again while enabling insurers to grasp the lion’s share of the HK$1,000 billion insurance market.

From now on, customers can download the YAS app on their iOS or Android devices from Apple Store or Google Play Store to enjoy a delightful digital journey of the first microinsurance marketplace with YAS, conveniently at their fingertips.

Insurtech Eyes on 20% of the Insurance Market Share

YAS, as an disruptive killer solution empowered by insurtech, is the enabler for insurance market players to capture the future of insurance industry.

According to the recently announced figures by Insurance Authority (IA), Hong Kong’s insurance industry has shown a considerable growth in recent years. In 2019, the total gross premiums of the industry reached a new high of HK$556.9 billion, representing a 89% increase since 2013. Given such growth pace, it is expected that the Hong Kong’s insurance market will reach HK$1 trillion in the coming 10 years.

Currently, distribution channels of long term individual business are dominated by three categories, namely banks, insurance agents and insurance brokers. Internet sales, however, accounts for only about 1%.

Mr Andy Ann, Cofounder of YDL said, “With the growing demand on diverse and personalized insurance products, both traditional insurers and newly founded virtual insurance companies are riding the tide of technological advancement in competition for their fair share. The insurance premium income through online channels is expected to have a remarkable growth by 10 to 20 times within this decade, representing up to HK$200 billion of the total gross premiums.”

Mr Ann predicts that virtual insurance will experience an exponential growth and benefit most from the mega trend. “I believe that the new tech-savvy generation under the age of 35 are most receptive to the digital era and will be the key contributors in growing the pie. Hence YAS will be the enabler that offers an open API marketplace for the industry players reaching out to this lucrative market by getting closer and connected to the millennials, gaining a dominating position,” Mr Ann added.

YDL as one of the key Insurtech companies will make steadfast efforts and play a pivotal role to clear barriers, construct platforms and create new businesses in empowering the industry to capture the lion’s share.

Returning the Data Ownership to Customers

One of the YAS technological inventions is YAAS, the first insurance blockchain that leads a “Revolution” on data privacy by returning the data ownership to the customers.

William Lee, Co-founder of YDL said, “Through YAAS, we are able to return the data ownership to each of us as citizens. YAAS used blockchain technology to help customers store their data needed for insurance usage to be chopped into random fragments and distributed in blockchain. YAAS enables easy access of data, lowers the cost and prevents fraud at the same time. With YAAS, all insurers and IA can now request access of the same data, however, anyone who wants such access would require the master key from the customer, and each access will be recorded and cannot be hidden or removed; the customers will now know it all.”

Such invention is revolutionary for the insurance industry, particularly when there is no regulation and adoption of this innovative solution like YAAS yet.

YAS is here to lead and make available these technologies as a marketplace, setting the Open API standards for the industry.

For instance, the newly launched adorable pet plate is a way for us to simplify and inspire the insurance industry on how we can return the data ownership back to the customers by applying the YAS public blockchain for the industry. The unique number on each tag can be used to request access to the blockchain. Each request is recorded like a ledger and with customer’s permission to gain access to a specific part of the dog’s policy and data. You as a customer now have a SAY. This is a testimony of technological application, creating a customer experience journey that’s extremely desirable and satisfying.

“We are bringing this new product to market to inspire the industry. We invite and look forward to enabling this innovative solution with the regulators and all insurers to make insurance loving again. Customers deserve to know this is now available. Customers should have their SAY!,” Mr William Lee concluded.

The company has formed new partnership with local and international insurance companies to launch a variety of new products, featuring transportation, pets, travel and sports on the YAS marketplace. The new products to be launched in the coming months will utilize blockchain, AI and data analytics to create greater convenience and brand new experience for customers.

Following its debut in Hong Kong, YAS is expanding its presence in Vietnam in November this year, setting its foot in ASEAN countries.

For more information of YAS, please visit www.yas.com.hk.